MAYOR'S MESSAGE - Oct/Nov 2023

Mayor’s Message Oct/Nov 2023 I apologize in advance for the dry nature of this message, but real estate development in Oceanport has been a very hot topic for several years and discussions, debates and disputes about it have reached new heights because of the Netflix and Monmouth Park proposals. The continued redevelopment and economic revitalization of Fort Monmouth is, quite simply, the most profound fiscal, social and political development in Oceanport since Monmouth Park Racetrack opened in 1947 and the proposed development of underutilized property at Monmouth Park might be a not-so-distant second. If we are to have reasonable conversations about both projects, we have to first have a common set of facts upon which to base our arguments and beliefs. To that end, it is important that rumors, disinformation and misinformation be limited as much as possible and that the facts attendant to these developments are prioritized. To that end, I offer the following: Fort Monmouth/Netflix Facts 1. The Oceanport section of Fort Monmouth is comprised of approximately 400 acres of land, all of which was controlled by the federal government through 2010 and none of which generated any real property tax revenue. It was not until 2014, however, that the Fort Monmouth Economic Revitalization Authority (FMERA, an agency under the aegis of the State of New Jersey) began to take title and really began to exert control over the redevelopment of the property that the federal government abandoned. 2. While owned and operated by FMERA, the properties do not generate any real property tax revenue. When properties are sold by FMERA at public sale, however, they become part of the Borough’s tax rolls and, unless otherwise exempt, begin generating real property tax revenue. 3. To date, approximately 171.46 acres within Oceanport’s borders have been sold and fully (1) or partially developed (2).

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